Davies: SA becoming collateral damage in US trade war
Trade and Industry Minister Rob Davies says this is why the SA government needs to strengthen its trade ties with the rest of the African continent.
JOHANNESBURG - Trade and Industry Minister Rob Davies says South Africa is being affected by the United States.
He says this is why the SA government needs to strengthen its trade ties with the rest of the African continent.
On Wednesday, Davies opened the BRICS Business Forum in Sandton which saw business leaders from Brazil, Russia, India, China and South Africa discuss the issues facing their economies.
Under US President Donald Trump, the US has imposed new tariffs and has become skeptical of multilateral forums.
Davies says South Africa is becoming collateral damage.
“We are exposed to the full power relations in the growing economy which in our view, a small economy like ours is not a good place to be, we are at the moment in the midst of trade wars. These trade wars are involving part of our country."
Davies has called on fellow BRICS countries to strengthen and deepen their trade relations at a time when there is turbulence in global trading systems.
He says BRICS must promote investment led trade.
The minister says the current global economic situation poses a massive challenge for BRICS countries.
He says the only solution is to strengthen and deepen trade between the five countries.
President Cyril Ramaphosa is expected to address the business forum later on Wednesday afternoon followed by remarks from the Presidents of Brazil, India and China.
A number of agreements will also be signed later following earlier deliberations.
(Edited by Thapelo Lekabe)